Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-877-862-9556. The Fund imposes a 1.00% redemption fee on shares held for 30 days or less. Performance data does not reflect the redemption fee. If it had, returns would be reduced.

The S&P 500 Index is an index of 500 large capitalization companies selected by Standard & Poor’s Corporation. One cannot invest directly in an index. Free cash flow (FCF) represents the cash that a company is able to generate after laying out the money required to maintain or expand its asset base.

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AKREX

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AKRIX

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Overall 5-Star Rating by Morningstar (AKREX & AKRIX) as of 12/31/18. Morningstar identifies the fund in the Large Growth Category, which includes 1247 funds for the given time period. The Overall Morningstar Rating™ for a fund is derived from weighted metrics, which are based on risk-adjusted return performance.

Press

Tom Saberhagen on Active Management – SumZero

May 8, 2018

Bad at Market Predictions, Good at Investing – The Wall Street Journal

February 5, 2018

Focused Bets Propel Three Successful Funds – The New York Times

October 15, 2017

The Oracle of Middleburg, Virginia – Mayer’s 100x Club

June 19, 2015

Mutual fund investing involves risk. Principal loss is possible. The Fund is non-diversified, meaning it may focus its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. The Fund invests in small- and medium-capitalization companies, which involve additional risks such as limited liquidity and greater volatility than larger capitalization companies. Download the prospectus.

Before you invest in the Akre Focus Fund, please refer to the Statutory Prospectus and Summary Prospectus for important information about the investment company, including investment objectives, risks, charges and expenses. You may also obtain a hard copy of the prospectus by calling 1-877-862-9556. The prospectus should be read and considered carefully before you invest or send money.

The Fund is offered only to United States residents, and information on this site is intended only for such persons. Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of the Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

The Akre Focus Fund is distributed by Quasar Distributors, LLC.

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating™ for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. As of December 31, 2018, The Akre Focus Fund (AKREX and AKRIX) was rated 5-star against 1247 Large Growth funds over the last three years. The Akre Focus Fund (AKREX and AKRIX) was rated 5-star against 1107 Large Growth funds over the last five years.

ABOUT THE AKRE FOCUS FUND

The Akre Focus Fund (Institutional share: “AKRIX;” Retail share: “AKREX”) was launched on August 31, 2009, and currently has net assets of approximately $8.6 billion as of January 31, 2019. The Fund is non-diversified and maintains a focused portfolio of investments.